Central Huijin, the domestic investment arm of the nation's sovereign wealth fund, China Investment Corp (CIC), plans to issue 50 billion yuan ($7.32 billion) long-term renminbi-denominated bonds in the inter-bank market, the Century Weekly magazine reported on Monday.
Sources familiar with the matter confirmed that Huijin had submitted the financing plan to the State Council, China's Cabinet, the report said.
If getting the green light, Huijin will inject the capital raised through the bond issuance into the Export-Import Bank of China and China Export & Credit Insurance Corp, two policy banks that had the smallest scale of capital.
The two banks were going through their current business for the reforms set to start in late May. Huijin may issue the bonds around the time the reforms begin, an unnamed source close to the matter disclosed.